In8bio (NASDAQ:INAB) stock is on the move Tuesday as investors react to a recent rally and additional news from the biotechnology company.
First off, investors will note that shares of INAB stock underwent a massive rally on Monday. That sent shares of the stock 183% higher during normal trading hours. Alongside that were some 168 million shares traded. The stock’s daily average trading volume is about 2.8 million shares.
Considering the size of yesterday’s rally, it makes sense that shares of INAB stock would give up some of those gains. However, it’s still holding on with the stock not seeing as much of a dip as expected. That may be due to other news today.
INAB Stock News for Tuesday
An update from the Food and Drug Administration (FDA) is likely protecting INAB stock from a deeper dip today. The company granted orphan drug designation to INB-400 and INB-410. These are treatments in development for a wide array of malignant gliomas.
Getting orphan drug designation is a wing for INAB stock. It grants the company certain benefits, such as tax credits, grants, exemption from some fees, and more.
With today’s news, more than 2.8 million shares of INAB stock have changed hands. The stock is also down 6.7% as of Tuesday morning.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace offers up all of the hottest stock market news traders need to know about on Tuesday! Among that is what’s moving shares of TRACON Pharmaceuticals (NASDAQ:TCON), Vyant Bio (NASDAQ:VYNT), and Spectrum Pharmaceuticals (NASDAQ:SPPI) stock today. You can find more on these matters at the links below!
More Tuesday Stock Market News
- Why Is TRACON Pharma (TCON) Stock Down 51% Today?
- Why Is Vyant Bio (VYNT) Stock Down 35% Today?
- Why Is Spectrum Pharmaceuticals (SPPI) Stock Up 35% Today?
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.